Amid consistently high geopolitical tensions, a shifting interest rate environment in developed and developing economies, and the increasing threat of tariffs impacting global trade, one thing is sure: Top-level foreign exchange (FX) management has seldom been as pivotal to businesses as it is today.

Against this backdrop, FX services have been gaining ground on companies’ balance sheets over the past few years, currently driving an average 50% of corporate value allocation, according to recent research by the market structure and technology research team at Coalition Greenwich.

FX trading volumes have been on a consistent uptrend since the pandemic, hitting a daily record of over $7.5 trillion this year, according to J.P. Morgan. Now, Market Data Forecast projects a 7.14% yearly compounded growth rate into 2032 for the global FX market.

The evolving scenario has prompted banks to rethink the status of their FX divisions, positioning them not just as an ancillary part of the corporate banking operation but as a core component of the overall strategy. On the clients’ side, the trend has significantly increased the demand for tailor-made FX offerings that cater to a client’s unique geographical reach and risk-exposure needs.

“Banks are creating personalized solutions like customized currency hedges or swaps. These tailored strategies help businesses manage currency risks in ways that suit their specific needs,” explains Swapnil Shinde, CEO and co-founder of Zeni, a corporate bookkeeping platform powered by artificial intelligence (AI).

“We also attribute this changing scenario to our corporate clients having a better understanding of the markets, thus managing foreign exchange and interest rate exposures over the short, medium, and long term with greater sophistication,” says Francisco Fernández Silva, managing director and head of the FX sales desk at Chile’s Banco de Credito e Inversiones (BCI).

Enabling Bespoke Offerings

With sophisticated demand from treasurers and CFOs growing and increased competition from peers, banks have been racing to deploy technological solutions that promise to bring better results and lower operational costs.

“The corporate FX market is undergoing a transformation driven by technological advancements that enhance efficiency, improve risk management, and democratize access for businesses of all sizes,” says Luis Martins, head of Global Macro at BBVA. “As companies increasingly adopt these innovations, they stand to gain a competitive edge in managing their foreign exchange activities effectively.”

However, the market’s most significant shift has occurred at the FX sales desk. Tools such as algorithms and machine learning models have been helping to automate the FX hedging process and other often-complex and highly volatile activities, bringing more-stable results.

BCI’s Fernández Silva also highlights the importance of AI in this revolution. “Breaking technologies, including artificial intelligence, are redefining offerings in the foreign exchange market by incorporating new participants, reducing information asymmetries, and increasing competitiveness,” he says.

Daisy-May Andrew, in interest rates and FX corporate rates sales at BNP Paribas, wrote in a company blog post that, in the current environment, companies must bulk up their currency hedging game with better, faster, automated solutions. “With the right automation tools in place, clients can add systematic hedging checks, which should, in theory, be able to search for the same red flags that one would do manually, albeit without the added concern of human error.”

According to recent research by FX-as-a-service provider MillTechFX, 86% of North American corporations planned to increase their FX hedging activity before the US presidential election, despite 73% noting increased hedging costs. This was due to concern about increased market volatility, among other factors.

Despite the significant numbers, Stephen Bruel, senior analyst at Coalition Greenwich, notes there’s still much ground to gain in FX trading. “Corporates should be encouraging their desks to adopt more advanced tools; the more electronic the trading, the better the data available to analyze execution quality and optimize results,” he added in a prepared statement.

Non-G5 Currencies Get Boost

High currency volatility is not alone in preying on corporates’ minds; Russian sanctions, the unwinding of the yen carry trade after 30 years of negative interest rates in Japan, the rise of the Chinese renminbi as an alternative reserve to the dollar, and the growth in alternative investments such as cryptocurrencies also play a role. These concerns have forced the market to increase its focus on currencies other than those of the Group of Five (G5) on the liquidity and product sides.

“Banks have adjusted their product range, offering solutions that include the opening of cash accounts and increased agility in global transactions services,” explains BCI’s Fernández Silva. “In some cases, having the opportunity to trade in different currencies gives clients the chance to realize cost advantages.”

In an October report, J.P. Morgan notes that the advancement of current trade-liberalization efforts across emerging markets, an increase in intranational trading driven by rising domestic customer demand, and these economies’ growing service focus are driving a decline in the proportion of FX reserves held in US dollars.

The trend is more pronounced in commodity markets, where the disruption in energy trade and the People’s Bank of China’s gold-buying spree—which resumed in November after a six-month pause—have prompted a significant change to currency reserves.

Such is the importance of the topic that US President-elect Donald Trump in November threatened to impose a 100% tariff on the nine BRICS countries should they “create a new BRICS currency, nor back any other currency to replace the mighty US dollar.”

Despite the warning signs, J.P. Morgan analysts do not see “de-dollarization” as an imminent threat, but as an important factor for corporations and banks to consider in particular business areas.

“FX reserves offer an incomplete picture of foreign asset accumulation. The rise in EM [emerging market] dollar-denominated bank deposits, sovereign wealth funds, and private foreign assets more than offsets the decline in overall dollar share of EM FX reserves,” says Saad Siddiqui, EM fixed-income strategist at J.P. Morgan, as quoted in the October report.

Zeni’s Shinde agrees that opportunities abound for the non-G5 currency market but notes that corporates and banks should be aware of the risks associated. “Businesses are looking at currencies beyond the traditional G5 to spread their risks. Still, they need to consider factors like stability and ease of trading before using them.”

Human Talent Remains Key

Along with the myriad technological tools hitting the FX market over the past few years, leading banks have also been investing heavily in improving their research and advisory teams.

Against an FX market driven by central bank decisions and carry trade due to the global pivot to lower interest rates, these teams proved particularly important to corporate customers looking to stay one step ahead of the market.

In keeping with this trend, banks have been digging deep into their pockets to hire new talent. Recently, Citi, Deutsche Bank, Barclays, ING, Nomura, and Saxo Bank, and others, have made strategic additions to their FX departments.

BCI’s Fernández Silva explains the importance of balancing technology with first-class human talent: “In a landscape where central bank decisions and carry trade play a central role in global foreign exchange markets, financial institutions can offer unique value to their corporate clients through analysis of rate movements, economic variables, and exchange rate impacts, thus helping them capture value from carry trade and interest rate movements.”

BBVA’s Martins also highlights the key role of relationship management with clients and dealers. “Being able to offer best-in-class services in today’s foreign exchange markets requires a combination of strong relationships with clients and other dealers, along with top-level technology and data management,” he concludes.

—Thomas Monteiro

Awards Methodology

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Global Finance selects its award winners based on objective factors such as transaction volume, market share, breadth of offerings, and global coverage, as detailed in public company documents and media reports.

Our criteria include subjective factors such as reputation, thought leadership, customer service, and technological innovation. We use input from industry analysts, surveys, corporate executives, and others. Although entries are not required in order to win, submissions that provide additional insight may inform decision-making.

Best Foreign Exchange Banks 2025
GLOBAL WINNERS
Best Global Foreign Exchange Bank	UBS
Best FX Bank for Corporates	Investec
Best FX Bank for Emerging Markets Currencies	Itaú Unibanco
Best Liquidity Bank	BBVA
Best FX Market Maker	J.P. Morgan
Best ESG-linked Derivatives	Nordea
Best FX Commodity Trading Bank (offering currency and commodity trading)	BTG Pactual
COUNTRY AND TERRITORY WINNERS
Algeria	Société Générale
Angola	Standard Bank Angola
Argentina	Citi
Armenia	Ameriabank
Australia	ANZ Australia
Austria	UniCredit Bank Austria
Bahrain	National Bank of Bahrain
Barbados	Republic Bank
Belgium	BNP Paribas Fortis
Brazil	Itaú Unibanco
Bulgaria	DSK Bank
Canada	Scotiabank
Chile	Itaú Chile
China	Bank of China
Colombia	BBVA
Costa Rica	BAC Credomatic
Côte d’Ivoire	BICICI
Cyprus	Bank of Cyprus
Czech Republic	Komercni banka
Denmark	Danske Bank
Dominican Republic	Banco Popular Dominicano
DR Congo	Rawbank
Ecuador	Produbanco
Egypt	CIB
El Salvador	Banco Cuscatlán
Finland	Nordea Markets
France	BNP Paribas
Georgia	TBC Bank
Germany	Deutsche Bank
Ghana	Ecobank
Greece	National Bank of Greece
Guatemala	Banco Industrial
Honduras	Banco Ficohsa
Hong Kong	Standard Chartered Bank (Hong Kong)
Hungary	OTP Bank
India	IndusInd Bank
Indonesia	Bank Mandiri
Ireland	Investec Europe
Italy	Intesa Sanpaolo
Jamaica	National Commercial Bank Jamaica
Japan	MUFG Bank
Jordan	Arab Bank
Kazakhstan	ForteBank
Kenya	KCB
Kuwait	National Bank of Kuwait
Latvia	Swedbank Latvia
Lithuania	SEB Bank
Luxembourg	BGL BNP Paribas
Malaysia	Maybank
Mauritius	AfrAsia
Mexico	Citi México
Morocco	Attijariwafa
Mozambique	Millennium BIM
Namibia	Bank Windhoek
Netherlands	ING
New Zealand	TSB
Nigeria	Zenith Bank
North Macedonia	Komercijalna banka Skopje
Norway	DNB Markets
Oman	Bank Muscat
Panama	Mercantil Banco Panamá
Paraguay	Banco Itaú Paraguay
Peru	Banco de Crédito del Perú
Philippines	BDO Unibank
Poland	Bank Pekao
Portugal	Banco Santander
Qatar	Qatar National Bank
Saudi Arabia	Al Rajhi Bank
Serbia	OTP Bank Serbia
Singapore	DBS
South Africa	FirstRand (First National Bank/Rand Merchant Bank)
South Korea	Hana Bank
Spain	BBVA
Sweden	Nordea
Switzerland	UBS
Taiwan	CTBC Bank
Thailand	Kasikorn Bank
Tunisia	Banque Internationale Arabe de Tunisie
Turkey	BBVA
Uganda	Stanbic
United Arab Emirates	Emirates NBD
United Kingdom	HSBC
United States	J.P. Morgan
Uruguay	Banco Itaú Uruguay
Venezuela	Mercantil Banco Universal
Vietnam	VietinBank
Zambia	Stanbic

Global Winners

Best Global Foreign Exchange Bank: UBS

Upon completing its megamerger with failing Credit Suisse in May 2024, Swiss banking giant UBS leveraged its already best-in-class corporate banking and foreign exchange (FX) capabilities and product offerings for a record-breaking year on several counts. Not only did the bank’s global operation more than double analysts’ expectations in the third quarter of 2024, booking a massive $1.4 billion in net income, but it did so with significant gains from its corporate banking division, which saw revenue jump by more than 8% year over year (YoY).

Those numbers received a massive boost from UBS’s thriving FX operation, which averaged over $125 billion in daily electronic FX trades during the year, with more than 2,500 active global clients.

The bank also posted substantial growth across several geographies and currency pairs. Among the highlights: solid profitability growth in Middle Eastern and Northern African currencies and a massive 40% market-share increase in Scandinavian currencies.

In Asia, the bank’s continued effort to improve its already top-tier suite of electronic FX capabilities paid off handsomely in China and Singapore, where it doubled down on its data center improvement efforts this year.

On the technology front, UBS kept expanding the limits of the global FX market, in July hosting the world’s first intraday FX swap in a regulated venue. The bank also recently launched its blockchain-based multicurrency payment solution, UBS Digital Cash. This addition to its’ digital offerings, processed through its flagship FX Engine Room, enhances the bank’s overall offering.            —Thomas Monteiro

Best FX Banks For Corporates: Investec

Central banks were the star of the show in FX markets in 2024, bringing high volatility amid a global pivot in monetary stance that shifted interest rate differentials between the G5 countries and developing-market currencies. Corporate clients worldwide found a haven in Investec’s team of top FX experts, who led the way in research, analysis, and execution, ensuring that customers stay one step ahead of the competition in spotting the most important market trends.

In addition, the bank’s Investec ix digital platform proved a key differentiator by providing real-time rate visibility, allowing clients to secure competitive rates at a glance amid the shifting macroeconomic environment. Additional features like easy trade execution and payment on the same page were also important to leverage during the year.

Whether clients are individual corporates, small or midsize companies, or large institutions, Investec’s dedicated FX dealers, robust trading desk capabilities, and best-in-breed app guarantee the combination of a tailored approach with global capabilities when it matters most. As a result, the bank has continued to gain significant market share in the global FX world, more than tripling its presence over the past five years.    —TM

Best FX Bank For Emerging Markets Currencies: Itaú Unibanco

One of the largest FX providers in Latin America, Itaú Unibanco kept pushing the boundaries of what it means to provide excellence in trading of emerging market currencies in 2024. From July 2023 through June 2024, the Brazilian banking giant served over 326,000 clients in more than 1.9 million FX transactions in Latin America alone, with a notional amount totaling $225 billion.

Amid growing exports in the region, bolstered by a strong US dollar, an increase in nearshoring initiatives, and geopolitical uncertainty in the breadbasket Black Sea region, the bank leveraged its leadership to provide superior service, handling over $92.7 billion in trade deals during the same period.

To capitalize on the growing demand, the bank has expanded its dedicated FX team, increasing employee numbers by more than 10% from 2021 to 2024. The bank is also boosting investment in technology, increasing tech spending to nearly $20 million in 2024, an 8% rise over the prior two years.

The massive sum supports system modernization and enhances digital service delivery, allowing about 73% of transactions to be executed electronically. The bank’s trading platforms provide real-time pricing linked to market-makers’ books, ensuring competitive and efficient deals for clients.          —TM

Best Liquidity Bank: BBVA

BBVA’s market positioning across several geographies, including emerging and developed markets, has proved the key to success for corporate clients seeking to take advantage of the fast-paced interest rate environment of 2024.

The bank’s centralized core pricing engine is key to leveraging its FX capabilities to the next level, providing consistent and competitive FX rates globally. As the backbone for processing and executing FX transactions, the engine ensures that pricing is optimized and dependable. The bank also shines brightly through its unrivaled suite of fast-execution digital channels, with offerings such as BBVA Net Cash, which aligns FX goals with corporate clients’ business requirements; and BBVA eMarkets, which integrates FX with broader investment banking needs.

These tools ensure solid and instant liquidity in markets from Latin America to Turkey. They offer streamlined access to one of the most diverse ranges of FX products in the market, including spot, swaps, forwards, and more-complex structured products like options and exotics.

Due to top-level execution, the Spanish behemoth reached all-time highs in monthly electronic FX business volumes last year, boasting one-fifth of the market share in derivative volumes in 2024: a significant milestone.         —TM

Best FX Market Maker: J.P. Morgan

The winner of the global Best FX Market Maker award is J.P. Morgan, reflecting its strong market position, deep resources, and technological prowess. These attributes allow the bank to provide exceptional scale and market access while efficiently handling high volumes of FX transactions.

One such solution is the bank’s Execute platform, which offers corporate and institutional clients full-service macro trading from a single platform. The benefits include diverse liquidity access, trade transparency, and competitive pricing for streamlined FX execution, as well as the ability to execute trades across over 300 currency pairs with efficient order routing across multiple electronic communication networks. The platform also provides enhanced functionality through various channels, including the web, application programming interfaces, and desktop or mobile devices, along with real-time analytics to access market insights from J.P. Morgan traders and analysts. Execute also includes a customizable alert feature to capture market movements. The Execute Mobile component provides transaction efficiency through one-touch trade execution, the ability to view historical trades, and a market monitor for FX rates.

The bank has also expanded its capabilities for FX options with an integrated platform that allows clients to transact a range of vanilla, exotic, structured, or multileg instruments. Additional features include the ability to view the market with multicurrency volatility grids and live insights from the bank’s options traders.           —David Sanders

Best ESG-Linked Derivatives: Nordea

Nordea’s undisputed positioning in the global FX environmental, social, and governance (ESG) market goes far beyond the bank’s extensive suite of investment products. ESG principles are a core part of the bank’s operation, providing unique market knowledge and opportunities for small and large companies.

The Nordic bank’s customers enjoy a full holistic sustainable-finance advisory that helps them allocate resources efficiently and protect against risks in the sector, particularly as the global ESG market stages a rebound thanks to 2024’s currency volatility.

Moreover, the bank’s extensive FX Algo Suite, which covers the full spectrum of FX transaction needs, from passive to aggressive market positionings, has proven a game-changer for those assessing market risks. It is further supported by the bank’s proprietary model of ESG accountability, which provides customers with another layer of confidence when making ESG-related investments on and off the FX spectrum.

This outstanding ESG offering is complemented by top-tier FX market research and financial advisory that allows clients to tailor market opportunities and financial planning to their needs and goals.     —TM

Best FX Commodity Trading Bank: BTG Pactual

By offering first-class, tailor-made solutions for importing and exporting FX-related products, BTG Pactual, Latin America’s largest investment bank, rode the positive wave in Latin American commodities to a record-beating third quarter.

Although the Brazilian giant’s investment banking operation faced some macro headwinds, primarily due to underperformance in its home stock market, its corporate lending and business operation more than compensated, notching a phenomenal 29% YoY revenue growth as of the third quarter.

Against a backdrop of increasing export-related profitability and high currency volatility due to a devaluating Brazilian real, BTG helped clients in all areas of the commodity market by providing a combination of fast execution, excellent financial advisory, and top-grade hedging products.

The bank also continued expanding its FX funds offering last year, allowing clients based in Latin America to adopt more-sophisticated foreign currency holdings and hedging solutions. This allowed clients to benefit from a thriving global market.

BTG’s superior offering and financial planning helped commodity clients, in particular, weather growing supply costs due to the devaluating local currencies in Latin America. —TM

Best Foreign Exchange Banks 2025
REGIONAL WINNERS
Africa	Standard Bank
Asia-Pacific	Hana Bank
Central & Eastern Europe	OTP Bank
Latin America	Itaú Unibanco
Middle East	Qatar National Bank
North America	J.P. Morgan
Western Europe	BBVA

Africa: Standard Bank

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Adjudged the best bank for foreign exchange (FX) in Africa, Standard Bank continues to service the cross-border payment and funding needs of its corporate, investment, and individual clients despite the currency volatility and devaluation challenges that many African countries face. Standard Bank has an FX transactions market share of 30% in the African countries in which it operates. At the same time, it is one of the top finance institutions for FX needs in countries such as South Africa, Angola, and Zimbabwe.

Accounting for a larger market share “allows us to make, maintain, and manage a live, active, and tradable market price,” says a bank spokesperson. Standard Bank has more than 100 employees dedicated to its FX business, covering sales, trading, and operations. There are three dedicated FX trading desks: spots, forwards, and futures.

With 1.6 million trades per year and $1.7 trillion in overall turnover, Standard Bank signed an agreement in November with the World Bank’s International Finance Corporation on cross-currency swaps and derivatives for Africa. FX and local currency liquidity can be challenging in Africa, where some market reforms and attractive returns increasingly bring in more global investors, raising FX needs and transactions.

“There is growing interest in sub-Saharan countries, with investors recognizing the continent’s potential,” said Kayode Solola, head of global markets for Africa at Standard Bank Group, in comments accompanying the announcement.

The bank’s FX professionals “have the skills to support a diversified international and domestic client base trading in all G10 as well as 40 African currencies,” says the bank.

Winning the Best FX Bank awards in Africa and Angola represents international recognition of Standard Bank’s capabilities in meeting clients’ foreign currency demands.               —Tawanda Karombo

Asia-Pacific: Hana Bank

South Korean–based Hana Bank has established itself as a regional leader in the Asian financial markets, particularly in providing FX services. The bank has grown from a local financial institution into one of the most significant players in the global banking industry, and is currently boasting total assets of $400 billion.

“Hana Bank’s success in the foreign exchange market is built on our unwavering commitment to innovation and customer-centric solutions,” says CEO Lee Seung-lyul, the first CEO of Hana Bank with a background in foreign exchange. “We continually invest in cutting-edge technology and strive to offer the industry’s most efficient and secure FX services.”

This demonstrated expertise enables the bank to offer tailored solutions that meet the specific needs of its clients, whether they are looking to hedge against currency risk, make international payments, or engage in speculative trading.

This award recognizes Hana Bank’s outstanding performance and innovation in the FX market and underscores its position as a trusted and influential player in FX services.           —Simon Littlewood

Central And Eastern Europe: OTP Bank

This year’s winner for Central and Eastern Europe (CEE) is OTP Bank. Privatized in the 1990s and formerly the National Savings Bank of Hungary, OTP Bank is now a familiar name across the 11 countries in CEE and the Central Asia region where it has a presence. It sold its operations in Romania to Banca Transilvania because local regulations prevented it from further expansion. OTP is renowned for its innovative yet flexible service.

OTP Bank runs a centralized FX operation out of its Budapest headquarters. Ten traders and 25 salespeople conduct transactions for the main and regional subsidiary banks, offering pricing for 100 currency pairs.

The bank has started an internal digitalization project to simplify and accelerate the workflow for FX transactions. It operates a groupwide internet-based platform where clients of six subsidiaries can conclude FX transactions and convert funds into more than 40 currencies. The system already operates in Russia, Bulgaria, Serbia, Montenegro, Slovenia, and Croatia. Management is keen to introduce it to other subsidiaries and add new currency pairs to improve service and market coverage.

In November 2024, OTP contracted Integral Development, a leading currency-technology provider based in Palo Alto, California, to improve and automate foreign exchange pricing and distribution to the bank’s clients in FX spots, forwards, and swaps. According to Integral, its systems offer “liquidity aggregation, pricing engine, trading, and risk management solutions to deliver the highest pricing accuracy and reliability to its clients. … The flexible architecture ensures that OTP Bank can easily scale and adapt its FX infrastructure to meet evolving client needs” across the CEE region.            —Justin Keay

Latin America: Itaú Unibanco

Despite already occupying a leading position in Latin America’s FX market, the Brazilian behemoth Itaú Unibanco kept expanding its offerings and robust geographical presence to notch another year of sustained growth in volume and profitability.

From July 2023 to June 2024, Itaú executed over 1.9 million FX transactions, with a total notional amount of $225 billion. The bank served over 326,000 clients during the period, demonstrating its extensive reach and expertise in managing substantial transaction volumes and liquidity.

Amid the region’s increasingly competitive market, the powerhouse accelerated its technological investment. This jumped from approximately $15.9 million in 2022 to nearly $17.2 million in 2024, mainly focused on improving the bank’s cloud platforms and microservices architecture.

The bank also added generative artificial intelligence to its offerings, thus enhancing efficiency and scalability in client operations. This endeavor has already generated significant results, with Itaú increasing its automation rate from 25% to 44% in 2024.

Despite its growing investment in technology, the bank continued to support its team of FX professionals. The team boasts around 350 best-in-class employees across several functions including sales specialists, support specialists, sales traders, and market-makers.         —Thomas Monteiro

Middle East: Qatar National Bank

Qatar National Bank (QNB) is the largest bank in the Middle East by assets. It operates in 28 countries, including 14 in the region. Its leading FX business, capitalizing on its strong credit rating, which reflects its financial strength and partial state ownership. A solid custody business aids FX operations.

The bank has significantly increased its market share of inflows to Qatar and international markets. QNB has broad access to the region, global financial hubs, and a broad network across Asia. The bank has rolled out a new cash management platform and ramped up business and operational capabilities. QNB has strengthened its offering as an integrated payment provider for cross-border transactions.

QNB has launched programs for exporters as well as cross-selling initiatives based on its trade finance and cash management capabilities. International payments have increased due to a new remittance system and enhancements to the bank’s correspondent account management and treasury transaction services. QNB successfully onboarded the first clients into its application programming interface (API) platform. Clients can now increase their internal financial accuracy and eliminate manual processes by accessing daily FX rates through API functions.

The FX desk has continued to perform well. The bank has improved its client service due to investment in stronger FX capabilities, allowing it to capture market opportunities.      —Darren Stubing

North America: J.M. Morgan

With its comprehensive suite of FX services, J.P. Morgan (JPM) has earned our award as Best FX Bank in North America. Through its Execute and Transact platforms, the bank offers institutional clients innovative solutions with an integrated approach to FX execution, including commodities and rates trading capabilities.

JPM’s Execute provides exceptional liquidity access, efficient execution, and trade transparency through robust market-analytics features, real-time data for trade optimization, and live support from traders and analysts to streamline workflows. The platform is accessible through multiple channels, including the web, APIs, and desktop or mobile devices. Execute Mobile provides market data and one-touch trading ability.

With FX Algos on Execute, clients can customize algorithmic trading strategies for greater efficiency, enhanced trade transparency and performance, and integrated pre-trade and post-trade analytics tools. Through JPM’s Transact digital platform, clients benefit from robust FX hedging and settlement solutions to manage cross-border exposure covering over 100 currencies. These offerings are integrated with treasury and cash management functions, contributing to a more efficient workflow.

Innovative new developments include advancements in blockchain technology through the Kinexys platform, which facilitates cross-border transfers. Integration with JPM’s FX services is expected in early 2025, enabling clients to execute and settle FX transactions with greater flexibility and efficiency and reduced settlement risk. —David Sanders

Western Europe: BBVA

In a year when volatility was the norm across Western European markets, with several central banks pivoting their monetary stances, BBVA’s best-in-breed FX management and comprehensive suite of technological offerings gave the bank’s users a significant edge.

By leveraging its knowledge and presence across different geographies, the Spanish banking giant managed to post positive numbers in most of the region’s currencies, including the euro, British pound, Norwegian krone, Swedish krona, Danish krone, and Swiss franc. The secret behind BBVA’s outstanding performance is a combination of local-market expertise and a powerful, user-friendly app that allows users to instantly access and execute products such as FX spots, forwards, swaps, options, and structured notes, at the click of a button, with the best insights in the market.

Our Best FX Bank in Spain, BBVA also doubled down on its efforts to support growth in Western Europe by focusing on products that cater to the specific needs of the region’s small and midsize enterprises (SMEs). Through its flagship Net Cash app, the bank enables SMEs to hedge their FX exposure, order international transfers, and configure FX market alerts, all through a user-friendly interface tailored to their habits and needs.        —TM